MEC to be acquired by private L.A. investment firm

Article Link: https://calgarysun.com/business/money-news/mec-to-be-acquired-by-private-l-a-investment-firm/wcm/7f487fa2-9b1a-4e63-ad47-bf92051cb026/

Discussion posted by: Papertroll

Mountain Equipment Co-op is on its way to being sold to a U.S. private investment firm after a track record of declining sales, made worse by the COVID-19 pandemic. The Vancouver-based outdoor sporting company announced Monday that its board of directors made a “unanimous” agreement that Los Angeles-based Kingswood Capital Management would “acquire substantially all of of MEC’s assets” — including the majority of its retail stores. The move, done through the Companies’ Creditors Arrangement Act, would ensure “a thriving future,” MEC said. MEC lost $11.487 million in 2019 on sales of $462 million, according to audited figures by KPMG posted to MEC’s website.